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The USD/JPY pair sunk on Tuesday, as risk sentiment picked up following a decline in oil pirces and the DJIA index. Crude oil prices fell towards $30 a barrel and a resumption of the risk averse trading that characterized the first weeks of the year. Although China also had a part in ongoing riskaverse trading as the PBoC to intervene markets once again, by injecting 100bn Yuan.
In 4 hours chart, The pair has now its strong support around 119.3 – 119.5 (EMA 200, Mothly Pivot and 38.2% Fibonacci retracement of its 20/01-29/01/2016). A break below this last should signal further declines for this Wednesday, with 118.80 (50% Fibonacci retracement) as a probable bearish target.
There is quite a bit of support at the area 118.50 – 118.8. If I see a supportive candle, I are more than willing to start buying again. I think The Bank of Japan threatening negative interest rates of course will continue to weaken the Japanese yen.
In 4 hours chart, The pair has now its strong support around 119.3 – 119.5 (EMA 200, Mothly Pivot and 38.2% Fibonacci retracement of its 20/01-29/01/2016). A break below this last should signal further declines for this Wednesday, with 118.80 (50% Fibonacci retracement) as a probable bearish target.
There is quite a bit of support at the area 118.50 – 118.8. If I see a supportive candle, I are more than willing to start buying again. I think The Bank of Japan threatening negative interest rates of course will continue to weaken the Japanese yen.
